Insurtech Igloo said it is in talks with local stakeholders to introduce weather-based coverage and is actively looking to expand its offerings in the country.
In a statement, Igloo said it aims to help bridge the protection gap experienced by farmers on their crops with Weather Index Insurance (WII), an index-based insurance coverage specifically aimed to protect agriculture businesses and farmers against climate risks.
Unlike traditional insurance, which requires assessing actual damages after a disaster, WII uses measurable weather data, such as rainfall, temperature, or wind speed, as triggers for payouts. When a predefined threshold is crossed, compensation is automatically released, enabling faster and more objective claims processing.
The company said this parametric model has already been successfully deployed in Vietnam, where WII is available through telecommunications company MobiFone’s agricultural app, MobiAgri, which uses the latest technologies in Big Data, AI, blockchain, AR, and VR to support digital farming.
By embedding Igloo’s Rainfall Weather Index Insurance into MobiAgri, the initiative offers a holistic platform designed to improve crop yields, manage climate risks, and promote sustainable farming. Deployment is in 18 provinces and cities, supported by a network of over 2,000 rain stations and 650 meteorological stations.
“We believe the same model can be applied to the Philippines, where frequent typhoons and prolonged droughts continue to impact agricultural productivity,” John Chen, Igloo’s country manager for the Philippines and Thailand, said.
“With the right partners, including government agencies, agritech platforms, and cooperatives, we can bring insurance closer to Filipino farmers and equip them with the tools to better withstand the effects of climate change,” Chen added.
